NEW YORK (AP) — Stock futures slid Monday as disquieting data from China overshadowed hopes that the Fed will announce new stimulus measures to revive the U.S. economy when it meets later this week.
Dow Jones industrial futures gave up 22 points to 13,274. The broader S&P futures slipped 3.5 points to 1,434.70. Nasdaq futures fell 5 points to 2,818.
China's auto sales growth slowed to 3.7 percent in August, according to a report Monday from the government-authorized industry group, the China Association of Auto Manufacturers. It's more evidence of a pronounced economic cooling.
Imports also shrank unexpectedly for the world's second-largest economy and the Chinese president warned growth could slow further.
Imports fell 2.6 percent compared with last year, which was worse than economists had expected. Factor output in August slid to three-year low, suggesting that aggressive action in Beijing has yet to gain traction.
The monetary policymaking body of the U.S. Federal Reserve gathers on Wednesday and, after an unhealthy snapshot of employment prospects last week, many anticipate a third round of market-boosting bond acquisitions or other bold actions from the government.
Later on Monday, the Fed releases its consumer credit report and economists believe that Americans boosted their borrowing in July. Millions of consumers have cut down on debt levels since the recession out of pessimism about the economy.